Buying real estate at distressed price is awesome. The problem is
1) With RAS you still have quite a bit of recourse debt due terribly soon in real estate world. When you buy real estate yourself, you usually take advantage of very long term (as long as 30 years) non recourse structure using say 20% down.
2)With RAS stakeholders stand between you and the real estate. Millions and salaries/options etc. Sometimes management is worth it, sometimes not. IT is important to consider how management have allocated shareholders funds in the past. With RAS we can look to decisions like Taberna.
3) Real real estate can provide you with real tax incentives, whilst RAS does not.